2025-027 - Authorizing an Economic Development Agreement and Tax Abatement Agreement with Invest Lamar (Bergenholtz) 5 in 5 Housing Infill Development Program

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forth in the Guidelines and Criteria for the 5 In 5 Housing Infill Development Program as set forth in City Resolution No. 2025-025. NOW, THEREFORE, in consideration of the terms and conditions referenced herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City, and Owner, (collectively referred to as Parties) hereby mutually agree as follows: I. Recitals 1.1 The Recitals set forth hereinabove are incorporated into this Agreement for all purposes. II. Component Parts 2.1 This Agreement comprises two component parts, including an economic development agreement pursuant to Texas Government Code Chapter 380 and a residential tax abatement agreement pursuant to Texas Tax Code Section 312. III. Terms Applicable to both the Economic Development Agreement and the Residential Tax Abatement Agreement: A. The Properties—Areas to be Improved 3.1 The Improvements defined in section III B below and made the subject of this Agreement shall be located on the Properties located in Paris, Lamar County, Texas more fully described in Exhibit 1 attached hereto and incorporated herein by reference, which Properties are within Reinvestment Zone No. 2025-1 and within the area set forth in the Program: • LCAD# 12820, Lane Place Addition Block 1, Lot 13, 1300 Block of N.E. Campbell St. • LCAD# 12998, Maxey Addition Block 5, Lot 4, W. Campbell St. • LCAD# 12987, Maxey Addition Block 4, Lot 1, 1560 W. Campbell St. • LCAD# 18397, City of Paris Block 278, Lot 4A, Johnson St. and 15' NE St. • LCAD# 13758, City of Paris Block 29, Lot 4, E. Price St. • LCAD# 10186, Belmont Addition Block 6, Lot 11-12,1633 Fairfax • LCAD# 19930, Subdivision of Block 170-13, Block B, Lot 11-12, 115 W. Neagle St. • LCAD# 10964, East Park Addition, Block A, Lot 10, 1821 NE 1011 St. • LCAD# 13975, City of Paris Block 37, Lot 10, 229 NE 5t1 St. • LCAD# 18596, City of Paris Block 300, Lot 6, 2514 Graham St. 3.2 The Properties listed are Tax Foreclosure City Trustee (City Trustee) status properties except that Parcel No. 13758 is a Lamar County Trustee (County Trustee) property. 2